Session 5: Major US Policy Issues and Needs Michael E. Moore VP Energy Commodities and Advisory Services FearnOil Inc. a division of Astrup-Fearnleys Oslo Executive Director (2008-April 2017) North American Carbon Capture Storage Association (NACCSA 2008-April 2017) May 24 th , 2017 Washington, DC
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Session 5: Major US Policy Issues and Needs
Michael E. MooreVP Energy Commodities and Advisory Services
FearnOil Inc. a division of Astrup-Fearnleys Oslo
Executive Director (2008-April 2017)North American Carbon Capture Storage Association (NACCSA 2008-April 2017)
May 24th, 2017 Washington, DC
Fossil Fuels at Risk and Why CCUS/CCS/CCU Still Matter
What does “de-carbonization of energy (fossil fuels) by 2050…..” mean?
• Feed-stocks: natural gas, natural gas liquids, petrochemicals
• Imports
Considerations
• Keeping value in face of decarbonization• Developing carbon values for low carbon results• Future international issues around LCA on resource supply
and added value resources• Shareholder value preservation• Adding “low carbon” oil reserves• Making “low carbon” fossil fuels for the market• Augmenting rate base capacity for reliability and resilience• Monetization of existing fossil fuels resources,
infrastructure and processes – wealth of a Nation• Funding for future fossil fuels resources, infrastructure and
processes-wealth of a Nation• Policy parity for all clean energy (not just renewables)
Path Forward for Low Carbon Fossil Fuels:Policy Parity, for example the recommendations of the
National Coal Council’s Report“Leveling the Playing Field for Low Carbon Coal”
• National Coal Council--A Federal Advisory Committee to the U.S. Secretary of Energy. The NCC provides advice and guidance on a continuing basis as requested by the Secretary of Energy on the general policy matters relating to coal
• Work with states to promote best practices for regulating and siting CO2 pipelines. Building on successful state models for CO2 pipeline siting, DOE, in cooperation with Federal public land agencies, should take a convening role to promote communication, coordination, and sharing of lessons learned and best practices among states that are already involved in siting and regulating CO2 pipelines or that may have CO2 pipeline projects proposed within their borders in the future.
• Enact financial incentives for the construction of CO2 pipeline networks. Congress should enact the Administration’s proposed Carbon Dioxide Investment and Sequestration Tax Credit, which would authorize $2 billion in refundable investment tax credits for carbon capture technology and associated infrastructure (including pipelines) installed at new or retrofitted electric generating units that capture and permanently sequester CO2.
Carbon Advance Centre
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• A dedicated national group to address the growing impact to fossil assets and offering pathways for the clean efficient future use:
– Advocating policies based on recognition of continued need for fossil fuels in the overall energy mix and the timeline for commercializing CCUS
– Educating policymakers on the indispensability of CCUS to meeting climate targets
– Educating policymakers on the economic potential of CCUS
– Countering fossil divestment and “keep it in the ground” efforts and emphasize the benefits fossil assets with CCS/CCUS/CCU
– Connecting CCUS supporters from across fossil and non-fossil industries, financial entities, supportive NGOs, and concerned governmental entities